Lord & Taylor, the oldest department store chain in the U.S., was struggling with the rise of e-commerce.
The purchase was widely viewed as a symbolic "passing of the torch" from traditional brick-and-mortar retail to the modern, tech-driven coworking economy.
The deal quickly became a "white elephant" for WeWork following its failed IPO attempt in 2019 and the ousting of co-founder Adam Neumann.
WeWork intended to use the 676,000-square-foot space as its global headquarters and for additional shared office space.
Lord & Taylor, the oldest department store chain in the U.S., was struggling with the rise of e-commerce.
The purchase was widely viewed as a symbolic "passing of the torch" from traditional brick-and-mortar retail to the modern, tech-driven coworking economy.
The deal quickly became a "white elephant" for WeWork following its failed IPO attempt in 2019 and the ousting of co-founder Adam Neumann.
WeWork intended to use the 676,000-square-foot space as its global headquarters and for additional shared office space.
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